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DRIVE- SPRING 2014
PROGRAM- MBADS/ MBAFLEX/ MBAHCSN3/ MBAN2 – SEM 3 PGDBMN/
PGDENMN/ PGDFMN/ PGDHRMN/ PGDHSMN/ PGDIB/ PGDISMN/ PGDMMN/
PGDOMN/ PGDPMN/ PGDROMN/ PGDSCMN/ PGDTQMN – SEM 1
SUBJECT CODE & NAME- MB0051-Legal Aspects of Business
Q1. What are the rights of a surety? (Rights against creditors, Rights against Principal
Debtor, Right against Co-Sureties) 2, 4, 4
Answer: Rights of Surety against the Creditor
1. Ask the creditor to sue the debtor: On the guaranteed debt having fallen due for payment,
the surety may ask the creditor to sue the debtor to collect the due amount, but he cannot compel
him to do so. But he must then indemnify the creditor against any risk or delay arising as a
consequence.
2. Require the creditor to terminate the debtor’s services: In the case of the fidelity
guarantee, if the principal debtor’s dishonesty comes to light, the surety can require the creditor
Q2. Explain duties of a Bailor and a Bailee. (Duties of Bailor, Duties of Bailee) 5, 5
Answer: Duties of bailor (i) the bailor is bound to disclose to the bailee all faults in the goods
bailed of which the bailor is aware and which materially interfere with the use of them or which
expose the bailee to extraordinary risks. If he fails to do so, he is liable to the bailee in damages.
(ii) Where goods are bailed by way of hire, the bailor is liable to make good loss caused to the
bailee by such defects, whether he was aware of their existence or not. Notice that there is a
Q3. “Power of Attorney is considered as an important concept in Business Law”. Explain
(Meaning, Types, Registration) 3, 2, 5
Answer: Power of Attorney
Power of attorney is defined by Section 2(21) of the Stamp Act as including “any instrument not
chargeable with a fee under the law relating to court fees for the time being in force,” that
empowers “a specified person to act for and in the name of the person executing it”. It is the
Powers of Attorney Act,
1882, which deals with the subject but does not define it. In common parlance, a power of
attorney is an instrument or a deed by which a person is empowered to act for and in the name of
the person executing it. The person executing the deed is known as the principal or donor and the
one in whose favor it is executed is the agent, or the power agent or the power of attorney agent.
Q4. “The Banking Regulation Act, 1949, provides various methods of regulation of the
banking business”. Describe the key areas of regulation. (Methods of regulation) 10
Answer: The Banking Regulation Act, 1949, provides various methods of regulation of the
banking business. Some of the key areas of regulation are:

Power to provide directions – Sections 21 and 35A of the Act empower the RBI to
regulate the business of banks by issuing directions controlling various aspects of
banking. Section 21 provides the power to regulate advances of banking companies,
while Section 35A provides powers of regulation over banks. These statutory directions
issued by the RBI are binding on banks. The circulars issued by the RBI, pertaining to its
statutory power are binding on banks. The RBI is expected to issue directives with
bonafide intentions and is competent to provide advice or caution to the banking
companies under Section 36.
Q5. Explain the nature and scope of complaints under the Consumer Protection Act?
(Persons competent to make complaints, Place of complaint, Procedure for filing a
complaint, Admission of complaint, Power of the District Forum) 3, 1, 2, 2, 2
Answer: Persons competent to file a complaint (Section 12)
Any of the following people may file a complaint under the Act:

The consumer to whom such goods are sold or delivered or agreed to be sold or delivered
or such service provided or agreed to be provided. In case of death of a consumer, the
legal heir or representative can file a complaint.
Q6. Explain the need and types of meetings. (Need for meeting, Statutory meetings, Annual
General Meetings, Extraordinary meetings, Class meetings) 2, 2, 2, 2
Answer:
Need for meetings
A company is an artificial person and therefore, must act through some human intermediary. The
various provisions of law empower shareholders to do certain things. They are specifically
reserved for them to be done in company’s general meetings. Section 291 empowers the Board
of Directors to manage the affairs of the company. In this context, meetings of shareholders and
directors become necessary. The Act has made provisions for following different types of
Get fully solved assignment
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smu mba/bba/bca/mca assignment Spring season (JUL/AUG exam) 2014 sem (I , II , III , IV) in only
Rs 700/ sem ( 6 sub) or Rs 125/question paper.
You can pay in 6 installment of Rs 125-125 if u have any doubt.
For solutionmail us on computeroperator4@gmail.com with your question subject code or question paper
if urgent then
Call us on 08273413412 , 08791490301 or
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